It is absolutely impossible to make them an independent agency and allow them to function as they are and yet give them the opportunity to guarantee or loan billions of dollars without substantially increasing their accountability and transparency.
Bachus emphasizes the need for accountability if the Fed's powers are expanded.
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When you give us assurances that you are not going to use this information, like personally identifiable information, all we really have to go on is that in the Federal Register, your agency has asked permission to collect all this…
Our loan was turned down not because of our credit. We had perfect financials and had been working with the same manager for 20 years. It was just because question sell guns, and they said that to us specifically, you sell guns.
The program also can deny legitimate merchants access to financial networks they need to survive.
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